Condominium Corporation Insurance
What is Condominium Corporation Insurance?
Condominium Corporation insurance has specific insurance needs that include two core types of coverage: property and liability.
The liability will respond if the condo association is responsible for bodily injury or property damage to a third party on the condo premises. This also covers legal settlements the association must make.
The Condo Association is responsible for insuring the entire building, including the common areas such as hallways, stairs, roofs, pools, garages, and driveways, as well as rec rooms and gyms. Other property coverage to consider would be sewer backup, overland water (flood) and equipment breakdown coverage.
In addition, the condo association board should carry directors and officers liability coverage. As board members, those unit owners sitting on the board have additional liability exposures as a result of their work on the board. These exposures are addressed by this important extension of coverage.
How do I Get Set up With Condo Corporation Insurance?
You can either visit your local broker or contact a broker today if you have any questions 1-833-277-9438 or get a commercial quote online here!
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